HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it has completed a
review of its previously disclosed financial guidance and an analysis of
alternative allocations of capital in future periods.

Noting that the partnership’s businesses continue to perform in line
with expectations and the recently acquired alkali business is
outperforming expectations, the partnership is announcing the following
strategic steps:

Declaring a quarterly distribution of $0.50 per Common Unit for the
quarter ended September 30, 2017, to be paid on November 14, 2017 to
unitholders of record at the close of business on October 31, 2017

Beginning with the quarter ending December 31, 2017, grow the
quarterly distribution by no less than $0.01 per Common Unit, per
quarter, prospectively

Beginning with the quarter ended September 30, 2017, target a
distribution coverage of the new distribution profile of 1.40 to 1.60
times on a cash basis, as historically calculated and presented

Target leverage ratios approaching 4.75, 4.25 and 3.75 times for year
ends 2018, 2019 and 2020, respectively, as historically calculated and
presented

Significant financial flexibility obtained with these steps will allow
the partnership to opportunistically pursue accretive organic projects
and acquisitions

Grant Sims, CEO of Genesis stated, “As noted above, our legacy
operations continue to perform in line with expectations and,
importantly, our recently acquired soda ash business is performing
better than expected. As contributions from recently completed organic
growth projects and acquisitions ramp, we expect to generate record net
income, cash flows from operations, Adjusted EBITDA and Available Cash
before Reserves in future quarters and fiscal years. If and when we
experience any cyclical recoveries in some of our businesses which have
faced headwinds over the last several years, such financial performance
would be additive to our expected record results. Absent material,
unexpected changes to the underlying fundamentals of our aggregate
businesses, or other potential higher valued uses of capital, we would
target to continue the minimum quarterly growth referenced above for at
least each of the next twenty quarters.

To achieve our objective to deliver the best value to unitholders over
the long term, we strive to continue to generate and grow stable,
repeatable cash flows while never losing sight of our absolute
commitment to safe and responsible operations. We believe we have very
attractive businesses with significant barriers to entry, long
commercial lives, and which have performed relatively well over many,
many cycles, not just the down-cycle of the last three years. The steps
we are announcing today will give us the flexibility to build on the
successes of our footprint as it stands today.”

In conjunction with the strategic steps taken today, absent a specific
organic or acquisition opportunity, the partnership has no current plans
to access the equity capital market in the immediate future, including
through its “at the market” equity distribution program, which, in any
event, has never been used. Additionally, the partnership will evaluate
implementing a unit re-purchase program at some point in the future.

Sims concluded, “We believe our strengthening balance sheet, enhanced
financial flexibility and renewed growth outlook position the
partnership to generate strong total returns for our unitholders in the
years ahead.”

We will hold a conference call to discuss our financial guidance today,
Thursday, October 12, 2017, at 10:00 a.m. Central time (11:00 a.m.
Eastern time). This call can be accessed at www.genesisenergy.com.
Choose the Investor Relations button. A slide presentation concerning
today’s subject matter will also be available on the site. For those
unable to attend the live broadcast, a replay will be available
beginning approximately one hour after the event and remain available on
our website for 30 days. There is no charge to access the event.

This press release includes forward-looking statements as defined under
federal law. Although we believe that our expectations are based upon
reasonable assumptions, we can give no assurance that our goals will be
achieved, including statements regarding the expected increase in our
quarterly distributions, our target distribution coverage ratios and our
target leverage ratios. Actual results may vary materially. We undertake
no obligation to publicly update or revise any forward-looking statement.